The arrested were identified as Ram Prakash (31), Vijay Manchanda (55), Dushyant Manchanda (20), Satrughan Nayak (32) and Ravinder Kumar (40). They approached Dhanlaxmi Bank for loans against gold ornaments. It was found that the gang was operating in connivance with the bank’s appraiser, who evaluated the gold’s purity.

DCP of EOW Mangesh Kashyap said it was found that one Somnath Bobal and his associates had availed loans of Rs 21.6 crore by pledging fake gold. Manchanda and his gang took gold loans of Rs 11 crore. “The loan amount, which was given at 12% interest, was further lent in the market at an exorbitant rate of 20 to 24%,” Kashyap said. Somnath is on the run.